The attack would not work as the miners wouldn't include only the attacker's transactions but the transactions with the highest fees. All this attack would achieve would be an enforced min fee of 0.0001 + x. The solution would be a wallet that rebroadcastswith higher fees every 5 minutes of not getting the tx in a block.
Yes that make sense, so it would just temporarily decrease transaction time and/or increase transaction fees.
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Re: Cost of bringing the Bitcoin network to a halt.
Rational self-interest. Study some game theory and try again.
You don't need to study game theory for this, simple common sense tells me that if it works I can make profit, suppose I have 10000 btc and I want to take sell them (say booking profit after a long run), but instead selling them all I will sell 9000, then use 1000 to bring the network to halt so that exchange rate crashes, and buy my 9000 back, so I have now lots of cash and almost same number of bitcoins and in medium to long term bitcoin price will come back after may be few fixes to protocol, as they always had
It doesn't matter whether mining is profitable or not.
There is a certain amount of SHA-256 ASIC mining gear in existence and this mining gear just can't magically "disappear". If mining becomes unprofitable for some miners, then they will sell their hardware. This means that others will buy that very same hardware. This doesn't change the hashrate at all. It only means that some part of the hashrate will change ownership.
The hashrate can't decrease unless people really start to throw their hardware into the recycle bin. But no one with half a brain would do that while there are people who want to buy that hardware.
I know that the hashrate decreased once in the past, but that was only because there was still GPU mining at that time. GPU mining has the serious flaw that mining gear can be used for something else than mining (e.g. gaming) which puts the network at risk of losing this hashrate again.
Luckily, GPU mining is over, so this can't happen anymore. The waste majority of produced ASICs will keep mining until the end of its lifetime.
touche !
I think only factor is electricity cost vs exchange rate.
Looks like a empty block mined with no transaction (except for the mining reward of 25 BTC)
Questions: 1. Why would a miner do this and not include any transaction missing the fees? 2. If everybody started doing this bitcoin will be mined but no transactions will occur, is it a flaw?
Good news. I was able to get a withdrawal to work eventually after many, many failed attempts. The trick was to manually paste the withdraw URL and if the form appeared attempt to withdraw. I think I had over a dozen tries and I'm not sure which one was the successful one. Also, I tried withdrawing a whole number (e.g., 1) for amount and that worked. I'm now trying to withdraw the fraction but haven't yet gotten that successfully withdrawn. - https://betsofbitco.in/withdraw
Thanks, I was also able to withdraw after trying several times. So it looks like it is just plain incompetency in managing the site or may be owner died?
That I believe should probably part their ways for now...
When tyrrany will strike and know it will...
it will check if you can you still love...
And I believe it is time for all the love in this world to stop judging each other for so many different reasons
I understand I judge and ask you not to judge...
but this road is a little longer than I could fathom
7 days were all that I'm allowed...I'd still want to fight for Peace but there
are many places where the fire needs to spread light...
help the people test it regularly...
let those who try to break the system burn...
In how many days are we getting this campaign started for an Open Sourced
development banking on human judgement
I think this thread should be deleted for the sake of mental health of fellow bitcoiners, I tried to understand this, concentrated hard for 5 minutes, read it 3 times, and now my head is splitting with a headache, and mind is numb. Please don't torture us.
In view of the recent malleability issue in Bitcoin protocol, I was wondering if it would help to have a feature to approve/disapprove incoming transactions. For example if someone sends you 'mystery' 1 satoshi which you don't want. You can disapprove the transfer and it goes back to the original address.
Why it should go back, it should be dropped from the blockchain, but that would be not be easy as it is block-chain
Just wanted to warn and advise that the site BetsOfBitcoin http://betsofbitco.in/ is not closing betting statements, the effect being that your BTC is essentially locked-up, in limbo, and not available to be withdrawn. This is a shame, because the concept of BetsOfBitcoin is a good one.
Heeding to your warning, I went there and got this:
Your request can not be completed at this time. We are working hard to fix it. Please, try again later. Your Bitcoins and data are safe and backed up regularly.
I was more referencing the likelihood of similar skeptics in 1935. And how if everyone had listened, we would have lost out on the last 75+ years of research into one of the foundations of Quantum Mechanics. 't
Schrödinger's cat has nothing to do with those innovations, all these are just tools to massage our egos, no body understands how it works, we only know mathematics of it and that should be enough for advancement, that said, such thought experiments are fun and lead us to new directions, I am no way diminishing the importance of it, but we should also be skeptics, always. Keep the duality in the mind!
Before it is opened for the world to recognize the private key is corrupted, is the bitcoin dead, alive, or both at the same time?
You don't need such a elaborate experiment, what about the coin in a brain wallet, before wallet password is recalled, if you recall correctly it is there, else not, before that it is meaning less to ask.
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Re: Why Doesnt Satoshi Continue Replying on the Forum?
You do not understand. For every mathematical operation there is a reverse operation. For every left side of the equation there is a right side. Just because you think there is no proof of the reverse operation doesn't mean that the enemy doesn't know it.
I XORed two numbers, one was data other was my secret key, result is 5768 tell me that data?
Im from the UK and agree, hes embarrassing, he may be a great coder, if so he needs to concentrate on that and let the people who are better at pr and communication do their stuff, like Andreas.
So much for the free speech, your percieve your investment is at risk, so lets stop people from talking, like a dictator.